Becoming A Stay At Home Parent

As many stay at home parents will tell you, it is the most rewarding and challenging job they have ever had. It is round the clock care for the people most dear to you. Everyday is a rollercoaster of overwhelming joy and exhaustive stress. Although a stay at home parent is not taking home a paycheck, their work is invaluable. But, recent studies have put a dollar amount on it: $115,000 a year.

According to, the work that stay at home parents do should earn them around $115,000 annually. This survey took into account the fact that most parents work 97 hours a week, dividing their time between many professions including teacher, household CEO, psychologist, chef, housekeeper, launder, computer operator, facilities manager, custodian, and chauffeur.

Consider the consequences if you, as a stay at home parent, were to suddenly pass. For a moment, set aside the unimaginable emotional pain your family would feel. Let’s think about the practical day to day impact this loss would have on your family’s life. Although it is hard to think about, it is critical to be prepared. Here are some advantages to having life insurance for a stay at home parent.

By the Numbers

Consider all the work that a stay at home parent does every day. If this person was to suddenly pass, would the surviving partner need to hire out all these services? Will the surviving partner need to reduce hours working, thus impacting income. Does the stay at home parent have any outstanding debts or want to leave a legacy for his/her children? Also consider the cost of a funeral.

First, let’s address childcare. Full time infant care in a center has an average cost of nearly $16,000 annually. One year of after school care at a center for older children averages out to around $11,000 per child. These figures are according to the National Association of Child Care Resources and Referral Agencies (NACCRA).

Other related costs in addition to childcare and after school care include hiring tutors to help children with school work, hiring a housecleaning service, hiring someone to drive children to extracurricular activities and spending more eating out because of time constraints. Would you need to tap into emergency funds or savings to accomplish these needs?

Next, consider personal debt and funeral costs. Everyone has different amounts of credit card bills, hospital bills, student loans and personal loans. Be sure to take this into account when factoring coverage amounts. Also keep in mind that the average price of a funeral is between $7,000 and $10,000.

Finally, think about the raising costs of college and how many children you have. Do you want to set aside funds to help cover these expenses? Life insurance is designed to protect your family from financial hardship should you no longer be able to support them. Consider how difficult life would be while dealing with the loss of a parent. Then, think about lifting the financial burdens and how that would impact the hardship.

You can purchase a large amount of coverage at an affordable price, especially if you are young and healthy. Life insurance is a small investment that can make a huge impact on an uncertain future. While we may never know what life will bring, you can take the necessary steps today to protect your family. Offering flexible coverage options and affordable premiums, there has never been a better time than the present to consider life insurance.

Are you ready to take the next step and find out more about your options? If so, you’ll want to be sure to Contact a Term Life Insurance Specialist or simply Enter Your Zip Code to get started today.

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